Pen Air Credit Union is headquartered in Pensacola and is the 13th largest credit union in the state of Florida. It is also the 197th largest credit union in the nation. It was established in 1936 and as of March of 2025, it had grown to 383 employees and 130,904 members at 12 locations. Pen Air Credit Union's CD rates are 4X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Pen Air Credit Union is open to anyone by becoming a member of the Friends of the Navy-Marine Corps Relief Society by making a $1 donation. Membership is also open to individuals who live, work, worship, or attend school in the Florida counties of Bay, Calhoun, Escambia, Franklin, Gadsen, Gulf, Holmes, Jackson, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla, Walton, or Washington, OR the Alabama counties of Baldwin or Mobile. Active duty or retired military, federal civil service employee, and employees of several Select Employer Groups are also eligible to join.
See current membership details
High-Yield Checking
PenAir is awesome! PenAir does use Brex identification and at first when opening this High-Yield Checking account online, I was denied (which is typical with Brex for me). However they have a virtual meeting option in which I was later approved. (You do have to go online and chat with someone for this virtual meeting request). Also, with PenAir, when you are signed up for electronic (online) only delivery of statements this also includes tax forms as well. I have closed accounts elsewhere because of intuitions having to mail the tax form, as part of their procedure, even though I am signed up for electronic delivery. (Major issues with the mail here currently). Thank you again Penair and I hope to be a member for years to come!
Dormant Account Fee
I had a CD there. When it came due, I took out the money, but I left $25 in the share savings account to keep it open. I transferred some money to open the add-on CD. I went to log in yesterday, and I couldn't. I spoke to a very helpful and pleasant customer service rep, Jocie. The reason I could not access my account was because I hadn't logged in for 6 months. So I had to re-register for online banking.
She also told me I had been charged a dormant account fee of $30 on November 30, but she credited that back to me.
Lastly, I was easily able to change my beneficiary to a trust (believe me, at one credit union it took numerous calls and finally, a new form) via a docusign document she set up while I was on the phone.
Be Prepared To Get Declined When Applying For A Saving Account
Pen Air CU's CD product has attractive rate. I decided to open a CD account with them. I filed in application online on Dec 28, 2022, for a membership saving account and a 18-month CD account.
They declined my application without any reason today on Dec 29, 2022. This is the exact message I got from them: 'At this time, we are unable to move forward with opening the requested account. We will mail you at the address listed on the application to explain our decision in further detail.'.
Customer service member was gentle but clueless. They had good attitude but were not helpful at all. No reconsideration is available, and I have to move forward since they are 'unable to move forward'...
I am not a FL local resident, and have over 16 years credit history and TU score 745 as Dec 24, 2022.
Honestly, I do not care their 'decision in further detail' since the decision is final.
I have spent hours on researching their product and the CD product deserves 5-star review, as long as an applicant can get approved...
They Don’T Want Your Money
I applied for membership so I could open a 21 month CD. They denied my application. This is the first time I’ve ever been denied an account at a bank. I believe it was because they asked if I was going to move $5,000 a month. I answered no because my money would be locked in the CD. Useless financial institution.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68734 |
| Year Chartered | 1936 |
| Employees | 383 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.43% |
| Return on Equity - YTD | 5.01% |
| Annual Interest Income | $30.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $2.5B$3.12B |
| Loans | Q1 2025vs Q1 2024 | $1.55B$1.51B |
| Deposits | Q1 2025vs Q1 2024 | $2.16B$2.3B |
| Equity Capital | Q1 2025vs Q1 2024 | $217.4MM$180MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $27.9MM$32.7MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $7.9MM$14.5MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $201K$0 |
